A record $6 billion in bitcoin options expire today, and fears of a big downturn in the bitcoin price have been calmed.
According to data analytics company Bybt, 100,400 BTC worth of options will expire across several exchanges. This beats out the previous record set in January when $4 billion worth of options expired.
While a price push down was expected in a “max pain” operation by traders, bitcoin hasn’t dipped below $50,000.
There were concerns that the expiry would mean that traders would push their prices to levels that cause the market to suffer the most loss before expiration.
The put options were around $44,000, while the calls were closer to the $60,000 range.
However, despite continuing its downward trend to $52,000, it didn’t fall as steeply as was speculated.
Bitcoin Price Pump Speculated
There is some speculation about a market correction, with some analysts considering this event to be the trigger point.
However, in the past, significant option expirations were followed by pumps in the price of bitcoin.
This has led some to speculate that short options are out and bitcoin will see a bounce back after this recent dip.
This doesn’t happen immediately once the expirations happen but rather in the weeks following.
April Options Expiry Expected to Lean Bullish
Another big expiry of options is coming in April, and this has been noted as a possible high-month for the cryptocurrency.
The expiry happening on April.30 has calls as high as $80,000. Jan Happel and Jann Allemann, founders of the analysis firm Glassnode, pointed out this expectation in a tweet about the March expiry.
While there is still a fair amount of time in which the bitcoin price can fluctuate. The indication from these bets is that bitcoin may see an upswing and new heights in April.
Which way the market will lean is hard to define, however. Whether it corrects or pumps, it is likely to be an interesting next few weeks.
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